TRXC Possible Breakout Analysis
3 bullish engulfing candles (purple arrow) has occured in which previous two has tested the resistance line (5)
Currently, the price is now testing the lateral support (1) and the trend line support (3).
The price is also undergoing descending triangle consolidation since Oct18 (Line 3 & 4)
If there is a possible breakout - this few things need to occur
1) breaking through line 4
2) increase in volume to support the breakout
If no breakout, the price will continue to test Line 3 and possilby testing the lower support levels
My entry point would be $2.12 if the price open above previous closing ($2.07) and moving upwards
Currently, the price is now testing the lateral support (1) and the trend line support (3).
The price is also undergoing descending triangle consolidation since Oct18 (Line 3 & 4)
If there is a possible breakout - this few things need to occur
1) breaking through line 4
2) increase in volume to support the breakout
If no breakout, the price will continue to test Line 3 and possilby testing the lower support levels
My entry point would be $2.12 if the price open above previous closing ($2.07) and moving upwards
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